Dollar advances as virus crisis prompts investors to seek cash

TOKYO- The dollar topped the trading board against basket of other major currencies on Monday. Upbeat performance was mainly from investors’ decision of resorting to fiat currencies as recent setbacks faced by global stocks and concerns of tightening liquidity continue to press.

The U.S. greenback gained against sterling and recorded its strongest activity since 1985. It was monitored to have reached ceiling level in almost three years versus the euro, placed on 11-year high against New Zealand dollar, and beat Australian dollar enough to seal its 17-year high.

U.S. stock futures and crude prices reached further depths in Asian trading board. Such prompted the dollar to become a heavily-sought currency as investors look for safe-haven securities for lockdown.

Investors are currently anticipating the implementation of fiscal spending in order to minimize economic disruptions brought by the novel coronavirus contagion. However, ambiguities of the virus will only impact dollar performance in the future.